Logistics Startup GoBolt Raises Pre Series A Funding
Delhi-based logistics technology startup GoBolt has raised an undisclosed amount of funding in pre-Series A round from MCube8, a division of financial advisory firm MCube Capital.
The startup will utilise the money for developing its business and technology.
GoBolt was founded in October 2015 by Parag Aggarwal, Sumit Sharma and Naitik Baghla, all alumni of S.P. Jain Institute of Management and Research. Aggarwal and Baghla were working with GlaxoSmithKline before co-founding GoBolt, while Sharma was an associate with JM Financials.
“Logistics is among the bottom most inefficient sectors in India, and is plagued by unprofessionalism, lack of technology, dependence on brokers for movements., so there are many opportunities that we are looking forward to cash on,” said Sumit Sharma.
It serves categories such as automobile, ecommerce, food processing companies, etc. and its clients include PepsiCo and Tupperware, Philips, Cadbury, Panasonic, amongst others.
“With tech at its core, it is the next-generation logistics platform for the transport industry,” Pritpal Lakkha, CEO, MCube8 said.
The firm has both owned as well as aggregated trucks and claims to be doing 1000-plus trips a month. GoBolt has more than 600 trucks on its platform and provides its services across more than 35 cities.
“At GoBolt, we believe that our operational expertise, focus on removing inherent inefficiencies of the system, and bringing technology which is more focused on improving operational efficiency rather than consumer facing technology, will be the key differentiation points,” added Sumit.